(Student) Loan?

shoney

Hi, I'm currently 2 years into a 4 year apprenticeship, being paid a salary and I am hoping to finance a new car. I'm looking to borrow around £5000 for the minimum repayment each month. I was looking at a long term credit card loan using a Barclaycard life of the balance card and Egg Money to transfer to my current account but have recently found out that Egg are currently accepting no new customers.

An option of flexible payments would be best for me, namely as cheap as possible earlier and then large repayments in a few years time. I caught an advert for student loans today and wondered whether I would be eligible. After browsing the internet, including the official website, I cannot find any information as to whether apprentices would be eligible for the student loan. If anybody can shed any light on this or can suggest another way to acquire the money, then it would be greatly appreciated.

Credit-Crunched

HI, have you thought of spending less on the car?

Not sure of your circumstances, i.e a certain car is required etc

When i was made redundant my 'car' was sold and i purchased Golf Mk II 1990 for £600 and its not stopped on me yet.

Have a look around, lots of second hand bargains out there. May save you a few pennies (or thousands!!)

shoney

Basically I am planning ahead, with a certain car in mind, hoping to keep it for around 4 years. I am earning around £8000pa now but in 2 years time it will be around £30000pa.

I have budgeted for the car and also road tax, MOT, servicing and general maintenance for the two years of low income, bearing in mind that I will be able to afford more expensive repayments for the next two years or so.

Thanks for your quick reply.

Lokolo

Borrowing is the worst idea for it if you've not really done it before.

Save up imo.

Apprenticeships don't get student loans, its for university students usually studying a degree.

shoney

Lokolo wrote: »

Borrowing is the worst idea for it if you've not really done it before.

Save up imo.

Apprenticeships don't get student loans, its for university students usually studying a degree.

How does that work out? I'm sure that borrowing for the first time is a good idea if done correctly. I think borrowing is good for somebody who gets the cheapest possible rate and can manage it, whereas Mr Joe Bloggs who has seven credit cards all maxed out at 29% APR is no stranger to borrowing. I know which situation I'd rather be in.

Debt is OK as long as it is as cheap as possible and can be managed.

Credit-Crunched

shoney wrote: »

Basically I am planning ahead, with a certain car in mind, hoping to keep it for around 4 years. I am earning around £8000pa now but in 2 years time it will be around £30000pa.

I have budgeted for the car and also road tax, MOT, servicing and general maintenance for the two years of low income, bearing in mind that I will be able to afford more expensive repayments for the next two years or so.

Thanks for your quick reply.

£8k a year and a 4-5K car?

I woudl really suggest a smaller cheaper one until you are earngin the 30k, is the increase in salary a guarantee?

Take into account the current climate and seriously think about redundancy possibility etc?

What is it that you do?